New Delhi: Shares of ICICI Prudential fell nearly 7 per cent on Wednesday after the company reported a 26 per cent decline in net profit for the quarter ended March 31.

The stock fell 6.73 per cent to Rs 553.15 on BSE.

It fell 6.24 percent to Rs 556.75 on NSE.

ICICI Prudential on Tuesday said its net profit declined 26 per cent to Rs 17 crore for the quarter ended March 31 due to higher expenses.

The private sector insurance company made a profit of Rs 235 crore in the fourth quarter of 2022-23.

The insurer's net premium income rose 17 per cent to Rs 14,788 crore in the March quarter, compared with Rs 12,629 crore in the year-ago period.

The company's management expenses increased 10 per cent to Rs 2,550 crore in Q4FY24 from Rs 2,320 crore at the end of March quarter 2022-23.

For the full 2023-24 financial year, ICICI Pru's net profit rose 5 per cent to Rs 85 crore. The net profit in the financial year 2022-23 was Rs 811 crore.

Senior management personnel Ganesan Soundiram and Rajeev Adhikari have resigned from the company with effect from May 1, ICICI Prudential said in a regulatory filing.